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Their work in computerization of the lab facilitated very complex supply and demand experiments in natural gas pipeline, communication and electricity markets that paved the way for implementing, through decentralized market processes, the liberalization of industries traditionally believed to be “natural” monopolies. The “Smart ComputerAssisted Market” was born. Smith’s move to George Mason University greatly facilitated government and industry work in tandem with various public and private entities, whereas his relocation to Chapman University coincided with the Great Recession, whose similarity with the Depression was evident in his research. There he integrated two fundamental kinds of markets with laboratory experiments: Consumer non-durables, the supply and demand for which was stable in the lab and in the economy, and durable assets whose bubble tendencies made them unstable in the lab as well as in the economy—witness the great housing-mortgage market bubble run-up of 1997-2007.         This book’s conversational style and emphasis on the backstory of published research accomplishments allows readers an exclusive peak into how and why economists pursue their work. It’s a must-read for those interested in experimental economics, the housing crisis, and economic history.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49622756262161,"sku":"GOR013647331","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ GARDNERS","offer_id":49739853332753,"sku":"NGR9783319984247","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ INGRAM","offer_id":52591726133521,"sku":"NLS9783319984247","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3319984241.jpg?v=1751439709"},{"product_id":"life-of-experimental-economics-volume-i-book-vernon-l-smith-9783319984032","title":"A Life of Experimental Economics, Volume I","description":"This book provides an intimate history of Nobel Laureate Vernon Smiths early life, combining elements of biography, history, economics and philosophy to show how crucial incidents early in his life provided the necessary framework for his research into experimental economics.","brand":"WoB","offers":[{"title":"GB \/ VERY_GOOD \/ INTERNAL","offer_id":49632993280273,"sku":"GOR011888134","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52593229201681,"sku":"NLS9783319984032","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52995532816657,"sku":"NIN9783319984032","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3319984039.jpg?v=1751349599"},{"product_id":"discovery-a-memoir-book-vernon-l-smith-9781434384317","title":"Discovery - A Memoir","description":"i\u0026gt;Discovery enters one child's homeland of hardship transformed by promise, where the obscure failed to mask a richly inspiring world of accomplishment. The power of that small world shaped this child's aspiration for knowledge beyond any presumed societal limitations. \u003cp\u003e Vernon Smith, born in Wichita before the Great Depression amidst entrepreneurs, saw them defy that Depression, converting Kansas wheat fields into oil and aviation industries. Unemployment would force his family into temporary farm life, where he began public school in a rural one-room school house. The farm would be a crucible of learning that would generalize far beyond its constraining bounds. \u003c\/p\u003e\u003cp\u003e With nineteenth century blue-collar family roots in the railroad and petroleum industries, Smith swept past an unpromising academic high school record, graduating from Caltech, and then, devoid of any conscious vision of what might be accomplished; he switched from science to the study of economics at the University of Kansas and Harvard. \u003c\/p\u003e\u003cp\u003e Guided by an inner sense of 'knowing what to do next, ' the young Purdue professor withstood the pressure of the economics profession to stick within its artificial boundaries. Unbeknownst or imagined to himself, Smith would become instrumental in launching economics into new space as an experimental science, overcoming the arch-conservative view that economics was inherently a non-experimental social science. \u003c\/p\u003e\u003cp\u003e His half-century of contributions were recognized in 2002 by the award of a Nobel Prize in economics. \u003c\/p\u003e\u003cp\u003e That capstone, however, is not the main message in this memoir. In Discovery you will learn about that intellectual journey, but mostly you will penetrate his personal voyage, learning about the inner workings of one mind, whether it's on horse back trips, making chili or probing the depths of human experience. Ultimately, learning how things work embraced spiritual as well as scientific values as both arise from unseen depths beyond immediate experience.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50375078150417,"sku":"CIN1434384314G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":52106231480593,"sku":"CIN1434384314VG","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1434384314.jpg?v=1750922579"},{"product_id":"humanomics-book-vernon-l-smith-9781316648810","title":"Humanomics","description":"While neo-classical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.","brand":"WoB","offers":[{"title":"US \/ GOOD \/ SBYB","offer_id":50380502958353,"sku":"CIN1316648818G","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":50422926704913,"sku":"CIN1316648818VG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ GARDNERS","offer_id":50697450488081,"sku":"NGR9781316648810","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ NEW \/ INGRAM","offer_id":51023404237073,"sku":"NIN9781316648810","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ LIKE_NEW \/ SBYB","offer_id":51728110387473,"sku":"CIN1316648818LN","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52598277472529,"sku":"NLS9781316648810","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1316648818.jpg?v=1751145278"},{"product_id":"adam-smiths-theory-of-society-book-vernon-l-smith-9783031684937","title":"Adam Smith’s Theory of Society","description":"Many people are intrigued by the theories of Adam Smith, particularly those found within The Theory of Moral Sentiments (TMS). The ideas in his 18th-century manuscript are abstract, dense, and philosophical. Consequently, the insights from Adam Smith can be inaccessible to those who seek to understand these teachings.    This book by Vernon L. Smith clarifies and contextualizes Adam Smith's work, making it more approachable for modern readers. It provides over 400 key passages from the Douglas Stewart edition (Henry G. Bohn) of TMS, presenting these ideas with modern context from Vernon L. Smith in a clear and concise manner. The book is structured to allow readers to explore one or two passages a day, providing a gradual and thorough understanding of the ideas that influence societal order and moral foundations.    Readers will gain a comprehensive understanding of Adam Smith's insights into societal order and human interaction. The book offers practical context to the 18th-century text, making it relevant for contemporary audiences, including economists, social scientists, and philosophers.    By breaking down complex teachings into manageable daily readings, the book equips readers with the knowledge to appreciate and apply Adam Smith's theories in their own lives and professional fields.","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51608138219793,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"GB \/ NEW \/ GARDNERS","offer_id":51608138383633,"sku":"NGR9783031684937","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ NEW \/ INGRAM","offer_id":52394208067857,"sku":"NIN9783031684937","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/3031684931.jpg?v=1756291463"},{"product_id":"evidence-of-things-not-seen-book-vernon-l-smith-9781942503620","title":"The Evidence of Things Not Seen","description":null,"brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51842886959377,"sku":null,"price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":51842887123217,"sku":"CIN1942503628VG","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ NEW \/ INGRAM","offer_id":52757139325201,"sku":"NIN9781942503620","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":53516803244305,"sku":"NLS9781942503620","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9781942503620.jpg?v=1753308864"},{"product_id":"papers-in-experimental-economics-book-vernon-l-smith-9780521024655","title":"Papers in Experimental Economics","description":"Professor Vernon L. 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Taken together, the papers form a history of the study of economics under controlled conditions.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52136031650065,"sku":"NLS9780521024655","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":52735502024977,"sku":"NIN9780521024655","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780521024655.jpg?v=1757552247"},{"product_id":"papers-in-experimental-economics-book-vernon-l-smith-9780521364560","title":"Papers in Experimental Economics","description":"Professor Vernon L. Smith is a major creator of the new discipline of experimental economics. This collection of his papers from 1962 to 1990 surveys key developments in the field from early attempts to study economic behaviour in now classic double oral auction markets through recent studies of industrial organization and decision making. 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The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets.","brand":"WoB","offers":[{"title":"GB \/ NEW \/ INGRAM","offer_id":52148029751569,"sku":"NLS9780521584500","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/9780521584500.jpg?v=1757602376"},{"product_id":"bargaining-and-market-behavior-book-vernon-l-smith-9780521021487","title":"Bargaining and Market Behavior","description":"This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. 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